2:00 pm Pacific
Gold Bullion Development (GBB, TSX-V) has just come out with a major news release including initial assay results (4 Preliminary Block Model holes) from Phase 2 drilling at its Granada Gold Property in northwestern Quebec. There is a lot to review in this eye-popping release and we will be posting a more detailed analysis later today. Below is a quick summary of our thoughts so far:
Two of the holes are absolutely stellar – the best yet at Granada – but as impressive as those numbers are, what is even more significant – and what is undoubtedly going to stir up discussion about Gold Bullion’s potential as the next Osisko – is what appears to be unfolding in the east-northeast extension where (quoting directly from the news release), “Each and every hole drilled so far (north, south, east and west of Phase 1 discovery hole GR-10-17) has intersected significant zones of altered feldspar porphyry (favorable for gold mineralization) with quartz veining. Visible gold has also been observed in many of these holes including GR-10-78, which just became the easternmost hole drilled to date by Gold Bullion at Granada. GR-10-78, collared nearly 250 metres east of GR-10-17, was drilled to a vertical depth of 350 metres and intersected large alteration and intrusive zones.”
A total of 6,055 metres of drilling in 27 holes has been completed in the east-northeast area in Phase 2.
Folks, the bottom line is this: What is unfolding in the east-northeast discovery area is something potentially bigger than even Frank Basa himself ever imagined. GENIVAR, which is normally very guarded in what it states, has also confirmed – without even seeing Phase 2 assays from this area – that the LONG Bars Zone geological structure extends east of GR-10-17. They have obviously seen some tremendous looking core and they appear to be drilling this area very aggressively at the moment.
Gold Bullion has received assays on four holes from within the Preliminary Block Model and two of them are the best the company has delivered yet at Granada:
GR-10-33 (100 metres northeast of Pit #2 East, drilled to the southeast):
- 123.50 metres of 1.07 g/t Au and 74 metres of 1.41 g/t Au within a wider interval of 152.50 metres grading 0.88 g/t Au.
GR-10-41 (60 metres west of GR-10-33):
- 75 metres of 1.50 g/t Au and 20.65 metres of 4.98 g/t Au within a wider interval of 149.35 metres grading 0.83 g/t Au.
Holes 41 and 33 were drilled in an area of the Preliminary Block Model where only limited historical drilling has taken place.
The “big picture” with Granada has just gotten a lot bigger. This is proving to be everything we thought it was, and then some. More later.